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Friday, January 20, 2012

Jim Crane lost $24.5m in Alabama

Here's a little snippet on Jim Crane from the Wall Street Journal, in which there's a bit of a brouhaha in Alabama.

Crane has been ordered by a bankruptcy judge to reveal details of his settlement with J.P. Morgan Chase & Co. over $35 million worth of sewer bonds that he bought from the investment bank four years ago—a personal investment that quickly turned to, er, garbage...

...Crane sued J.P. Morgan two years ago, accusing it of failing to disclose the type of things that investors like him would typically want to know such as, say, an alleged bribery scheme that put several county officials in prison and led the bank to pay a $722 million settlement to the U.S. Securities and Exchange Commission without admitting wrongdoing.

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